Export to China increased by RM25 billion. GDP can grow at 5% this year, says Wee Ka Siong

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(Kuala Lumpur, 13 July) The export of Malaysia to China has increased by RM25.2 billion this year, an increase of 32.3%, which has exceeded the market expectation. The increase is seen as helping the gross domestic product to achieve 5% of growth this year, says Minister in the Prime Minister’s Department Datuk Seri Wee Ka Siong who is in charge of Chinese small and medium enterprises.

Although Malaysia’s export to China is 16.4% of total export, where China has become Malaysia’s largest trading partner, the export volume of Malaysia to other countries is also recording double digit growth. This shows Malaysia’s economy is on the right track, Wee said this when launching a Southeast Asia region training programme of Tsinghua University Wudaokou College of Finance today.

He said the government also hope that mega infrastructure project such as Kuala Lumpur-Singapore high speed rail, East Coast Rail Link and the North South Transport Corridor as well as the training programmes of Wudaokou, the launch of Digital Free Trade Zone and the effort on new bridging loan channel to upgrade the productivity and economic performance of Malaysia.

The Tsinghua University Wudaokou College of Finance was formerly the research unit of People’s Bank of China which has been training staff for the finance sector in China. Now the training programme is extended to Southeast Asia region.

The training programme is open to the top decision maker in various sectors and industries of Southeast Asia countries. A total of eight students in Malaysia are recruited. Among them are : CIMB chief executive officer Tengku Dato’ Sri Zafrul, BGMC founder Tan Sri Wu Ming Zhang, Value Partners Group Chairman Datuk Cheah Cheng Hye, UBS investment bank former chairman Zhu Jun Wei, Mainspring chief executive officer and Shangri-La hotel group chairman Guo Meng Xiong.

Tengku Zafrul said Malaysia has the best equity market especially the mega infrastructure projects under One Belt One Road Initiative would also lead stocks to perform in the market. CIMB has also reached an agreement with China Galaxy Group to operate securities business in the region by joint-venture. Currently they are waiting for approval from the relevant authorities.

He said the group is satisfied with the operating model in Malaysia and has no plan for mergers and acquisitions.

Country Garden vice chairman Zhu Jian Ming said the group’s forest city project contributed to the economic and social development and was given high assessment by both the Malaysian Government and Johor royalties. Forest city project has hired 1100 staff and 70% of the staff are Malaysians. Deloitte has estimated that the project would create 220,000 job opportunities by 2035, contributing RM5.4 billion in tax revenue and RM198.4 billion in GDP.